Originally Posted by Halfcan:
It is crazy that people will use $22,400 of Real money to buy a Virtual Coin that only exists on the internet.
I don’t personally dabble in crypto, but I’m not really sure why it’s crazy. It’s ultimately no different than most financial derivatives trading. The underlying asset isn’t what’s important, it’s the change in price. [Reply]
I think a good analogy would be to think of an excel spreadsheet in the sky to which accounts are simply cells in that spreadsheet and banks control access to those cells as well as the overall supply of cash in that spreadsheet (printing more at will as they choose).
A blockchain backed crypto currency would be that same spreadsheet in the sky where any user has access to cells in that spreadsheet by creating a "wallet" and controlling the spending of cash from those cells by using a private key to unlock that cell. The supply of cash is predetermined based on consensus protocol backing that spreadsheet and is agreed upon by its users. They partake and secure the spreadsheet because of the rules or "formulas" controlling it.
i.e We trust banks with our money. Blockchain is trustless in its native design. [Reply]
Originally Posted by ChiefRocka:
I think a good analogy would be to think of an excel spreadsheet in the sky to which accounts are simply cells in that spreadsheet and banks control access to those cells as well as the overall supply of cash in that spreadsheet (printing more at will as they choose).
A blockchain backed crypto currency would be that same spreadsheet in the sky where any user has access to cells in that spreadsheet by creating a "wallet" and controlling the spending of cash from those cells by using a private key to unlock that cell. The supply of cash is predetermined based on consensus protocol backing that spreadsheet and is agreed upon by its users. They partake and secure the spreadsheet because of the rules or "formulas" controlling it.
i.e We trust banks with our money. Blockchain is trustless in its native design.
I'm curious Mr. ChiefRocka , since you started this thread did you get in early and at what price??
Gee , I wish I'd bought 100 coins at $4. Story of everyones life. [Reply]
Originally Posted by eDave:
I didn't pull the trigger. There's too much energy fueling this and I was overthinking what happened last ATH. Last halving is settling in too.
Originally Posted by -King-:
Moved most of my remaining crypto from bitcoin to ethereum a couple months ago. Of course bitcoin takes off while ethereum moves at a snail's pace. :-) crypto makes zero sense.
